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Mortgage Debt
 3 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
MORTGAGE DEBT MORTGAGE DEBT
The following table details mortgage debt secured by Kennedy Wilson's consolidated properties as of March 31, 2020 and December 31, 2019:
(Dollars in millions)
 
 
 
Carrying amount of
mortgage debt as of (1)
Mortgage Debt by Product Type
 
Region
 
March 31, 2020
 
December 31, 2019
Multifamily(1)
 
Western U.S.
 
$
1,332.1

 
$
1,324.7

Commercial(1)
 
United Kingdom
 
385.0

 
514.5

Commercial(1)
 
Ireland
 
355.3

 
289.6

Commercial
 
Western U.S.
 
272.6

 
405.4

Commercial
 
Spain
 
79.0

 
40.3

Hotel
 
Ireland
 
39.3

 
80.8

Mortgage debt (excluding loan fees)(1)
 
 
 
2,463.3

 
2,655.3

Unamortized loan fees
 
 
 
(12.4
)
 
(14.3
)
Total Investment Debt
 
 
 
$
2,450.9

 
$
2,641.0

(1) The mortgage debt balances include unamortized debt premiums. Debt premiums represent the difference between the fair value of debt and the principal value of debt assumed in various acquisitions and are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. The net unamortized loan premium as of March 31, 2020 and December 31, 2019 was $3.9 million and $4.0 million, respectively.
The Company's mortgage debt had a weighted average interest rate of 3.40% and 3.41% per annum as of March 31, 2020 and December 31, 2019, respectively. As of March 31, 2020, 81% of Kennedy Wilson's property level debt was fixed rate, 14% was floating rate with interest caps and 5% was floating rate without interest caps, compared to 76% of Kennedy Wilson's consolidated property level debt was fixed rate, 14% was floating rate with interest caps and 10% was floating rate without interest caps, as of December 31, 2019. The weighted average strike price on caps of Kennedy Wilson's variable rate mortgage debt is 2.56% as of March 31, 2020.
Mortgage Loan Transactions and Maturities
During the three months ended March 31, 2020, there were no property acquisitions and no existing loans were refinanced. There was one existing investment that was consummated initially without any debt that was subsequently partially financed with a mortgage loan.
The aggregate maturities of mortgage loans as of March 31, 2020 are as follows:
(Dollars in millions)
 
Aggregate Maturities
2020 (remainder)
 
$
106.7

2021
 
53.2

2022
 
293.1

2023
 
371.1

2024
 
159.7

Thereafter
 
1,475.6

 
 
2,459.4

Unamortized debt premium
 
3.9

Unamortized loan fees
 
(12.4
)
Total Mortgage Debt

 
$
2,450.9


As of March 31, 2020, the Company was in compliance with all financial mortgage debt covenants.